TRANSACTION CONCEPTS AND PERMISSIONS

The popularity of e-commerce is multiplying in our day-to-day life, but what is lacking in it is the credibility of transaction. As all the related data are stored at a single trading platform, it is easy to manage or control the services for the central bodies, and it is also easy to breach the security for the criminals. Therefore, only trading in all has permissions to give related data or information. If criminals attack on trading center then it is easy to catch them, without interfering the w'hole transaction system. Government is unable to maintain the statistics due to privacy on e-commerce. By adopting any algorithm of blockchain, it will improve the privacy of transaction

Transaction concepts and permissions

FIGURE 4.6 Transaction concepts and permissions.

and worsen the overall performance. For better performance, blockchain must be improved which is the major issue to discuss (Figure 4.6).

A blockchain is a transaction database which is shared by all the nodes participates in a network, which is based on a consensus algorithm. With the help of this mechanism, every node can find out the number of transaction belong to each node at any point in time. It enables transactions which are reliable without the tool to imagine is centrally, even though there is an unreliable adversary in the network. By adopting P2P (peer-to-peer) architecture, each peer stores an utterly public ledger which is an excellent feature of blockchain. Using this mechanism, it leads to decentralize the credibility with the help of blockchain. Overall, a hash of the previous block and a mixture of the current block are contained in every block which helps create a chain of different blocks from the previous one to the current one in the neighborhood, which makes the double-spending to be difficult, and public data to every participant.

This problem usually occurs in the private blockchain which is a ledger with permission that can be accessed by authorized users only in the process of reading, writing, and consensus. Not only the transaction of the token but also the transaction of the assets among corporations occurs in the private blockchain.

Each transaction must be processed immediately, and large transactions coincide. So the Bitcoin-derived blockchain can hold distributed ledgers with the great promises, but it cannot improve the performance with the help of this algorithm on e-commerce. It can solve the lack of credibility of transactions, but it does not help in better performance on throughput, capacity, and latency.

Permissioned Blockchain Technology

Bitcoin-derived blockchain implicitly defined and implemented the Nakamoto consensus, which is the distributed ledgers. There are lots of hurdles which come in

Typical permissioned blockchain architecture

FIGURE 4.7 Typical permissioned blockchain architecture.

the way of Bitcoin-derived blockchain algorithm. There are lots of issues related to throughput, latency, capacity and communication cost in the blockchain algorithm. The four types of blocks [5] mainly used in this technology are:

  • • peer block
  • • key block
  • • peer leader block
  • • micro block

Every neighborhood has a header that contains the reference of its predecessor uniquely defined, mainly cryptography hash of predecessor leader. Peer leader block includes a hash value of multiple micro blocks, key block contains multiple peer blocks, peer block contains peer leader blocks and multiple micro blocks, and micro block contains specific transactions that occur in one peer (Figure 4.7). Permissioned block technology contains three parts mainly:

  • • Peer Inner Blockchain Protocol (PIBP)
  • • Permissioned Trusted Trading Network Consensus Algorithm (PTTNCA)
  • • Permissioned Trusted Blockchain Architecture (PTBA)

These technologies are widely used in blockchain technology. Lots of work has been done to improve throughput, latency, capacity, and communication cost.

Permissionless Blockchain Technology

A blockchain-distributed ledger records all transactions that take place on the network, which is a heart of blockchain technology. Using cryptography, which guarantees that once the operation has been added, it cannot be changed further, as a data store in the blockchain database is appended after the fact. This is the property of immutability.

The first and most widely used application of blockchain is the Bitcoin cryptocurrency, by adding the same characteristics as Bitcoin witli adding a platform for a distributed implementation. Both Bitcoin and Ethereum are public permissionless blockchain technology class public network which is open to all participants interact anonymously with each other.

PRIVACY IN BLOCKCHAIN DATABASE

A blockchain is a time-stamped arrangement of changeless record of information that is mapped by a bunch of computers not claimed by any single object, each of these blocks of information are verified and limited to one another utilizing rule. Blockchain systems have no focal authority [4].

“It is highly efficient and a cost-effective way for introducing a procedure which has the characteristic of being kind for data that are stored w'ith real-time high safety. However, while concerning on security issues of networking and privacy of communication, that has been rapidly grown, security is vital and has become a top popular topic in the area of communication and networking [3].” This network regularly updated by spreadsheets you have basic knowledge of blockchain exit and share and counting by consult database the blockchain database store in any one single location its data is assessable by anyone the internet. The blockchain technology is encouraged for its implementation if the highly secure and privacypreserving decentralized system where transactions are not under the control of any third-party organizations [15-17]. The blockchain innovation in which information is encoded and disseminated over the whole networks, to build the security of the information put aw'ay in the proposed system [16-18]. Every one of the clients’ blocks is hashed, and limitless hashes of the exchanges are put away in the blockchain.

 
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